PepsiAmericas has set up a joint venture to buy Bulgarian company Agrima in an effort to expand its distribution in the country.

The company said today (4 September) that Agrima, which produces, sells and distributes PepsiCo branded products and other beverages throughout Bulgaria, will help it gain "a foothold in a growing economy with an emerging beverage market". Financial details of the transaction were not disclosed.

PepsiAmericas, which initially owns 20% of the joint venture, said that the new arrangements with Agrima will result in PepsiAmericas owning 100% of the joint venture as early as 2012.

PepsiAmericas chairman and CEO Robert Pohlad said: "This investment further demonstrates our commitment to expand and grow our international business in a disciplined way."

PepsiAmericas president and CEO Kenneth Keiser added: "We are working with the same business partners we had in Romania to increase scale in this market. Additionally, we intend to increase our investment over time, with the first option in 2010."